A 150
Ord. No. 27/86
BANKING
BANKING
Ord. No. 27/86
A151
(Cap. 32.)
(Cap. 32.)
"automated teller machine" means a terminal device, whether installed by a bank or by some other person, which is linked directly or indirectly to a computer system used by a bank and which provides facilities to customers of the bank; "bank" means a company which holds a valid banking licence, and includes an
unincorporated bank;
"Banking Advisory Committee" means the Banking Advisory Committee established
by section 4;
"banking business" means the business of either or both of the following-
(a) receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than 3 months or at call or notice of less than 3 months;
(b) paying or collecting cheques drawn by or paid in by customers; "banking licence" means a banking licence granted under section 16 or 107; "capital adequacy ratio" means the capital adequacy ratio referred to in section 98; "certificate of deposit” means a document relating to money, in any currency,
which
has been deposited with the issuer or some other person, being a document which recognizes an obligation to pay a stated amount to bearer or to order, with or without interest, and being a document by the delivery of which, with or without endorsement, the right to receive that stated amount, with or without interest, is transferable;
"chief executive", in relation to an authorized institution, means the chief executive
appointed under section 74 in respect of the institution;
"Commissioner" means the Commissioner of Banking appointed under section 6; "company" means a body corporate—
(a) incorporated under the Companies Ordinance;
(b) incorporated by any other Ordinance; or
(c) incorporated or established outside Hong Kong;
"controller", in relation to a company, including a company which is an authorized
institution, means any person—
(a) in accordance with whose directions or instructions the directors of the company or of another company of which it is a subsidiary are accustomed to act; or
(b) who is entitled to exercise, or control the exercise, of more than 50 per cent of the voting power at any general meeting of the company or of another company of which it is a subsidiary,
and references in this Ordinance to "control" shall be construed accordingly:
Provided that a person shall not be deemed to be a person in accordance with whose directions or instructions the directors of a company are accustomed to act by reason only that the directors of the company act on advice given by him in a professional capacity;
"deposit❞—
(a) means a loan of money--
(i) at interest, at no interest or at negative interest; or
(ii) repayable at a premium or repayable with any consideration in money or money's worth; but
(b) does not include a loan of money—
(i) upon terms involving the issue, by any company other than an authorized institution, of debentures or other securities in respect of which a prospectus has been issued under the Companies Ordinance;
(ii) upon terms referable to the provision of property or services; or (iii) by one company to another (neither company being an authorized institution) at a time when one is a subsidiary of the other or both are subsidiaries of another company,
and references in this Ordinance to the taking or the making of a deposit shall be construed accordingly;
"depositor" means a person entitled to repayment of a deposit, whether made by him
or not;
"Deposit-taking Companies Advisory Committee" means the Deposit-taking Com-
panies Advisory Committee established by section 5;
"deposit-taking company" means—--
(a) a registered deposit-taking company; or
(b) a licensed deposit-taking company;
"deposit-taking licence" means a deposit-taking licence granted under section 25; "director" includes any person who occupies the position of director, whatever the
title of his office;
"document" includes a circular, brochure, pamphlet, poster, handbill, prospectus and any other document which is directed at or likely to be read by members of the public; and also includes any newspaper, magazine, journal or other periodical publication;
"functions" includes powers and duties;
"holding company" and "subsidiary" have the same meaning as in the Companies (Cap. 32.)
Ordinance;
"issue", in relation to an advertisement or document, includes publish, circulate, distribute or disseminate the advertisement or document; and also includes causing the advertisement or document to be issued;
"licence", in relation to-
(a) an authorized institution which is a bank, means a banking licence; and
(b) an authorized institution which is a deposit-taking company, means a
deposit-taking licence,
and references in this Ordinance to a licensed authorized institution shall be construed accordingly;
"licensed" means licensed under this Ordinance;
"liquidity ratio" means the liquidity ratio referred to in section 102; "local branch", in relation to—
(a) an authorized institution which is a bank, means—
(i) in the case of a bank incorporated in Hong Kong, a place of business thereof in Hong Kong, other than its principal place of business in Hong Kong, at which it carries on banking business; and
(ii) in the case of a bank incorporated outside Hong Kong, a place of business thereof in Hong Kong, other than its principal place of business in Hong Kong or a local representative office thereof, at which it carries on banking business,
but in either case does not mean an automated teller machine; and
(b) an authorized institution which is a deposit-taking company, means a place of business in Hong Kong of a deposit-taking company, other than its principal place of business in Hong Kong, at which it carries on the business of taking deposits;
"local representative office" means an office in Hong Kong of a bank incorporated
outside Hong Kong which is not-
(a) licensed under section 16;
(b) a deposit-taking company; and
(c) recognized as the central bank of the place in which it is incorporated;
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